Experts proffer solutions to Nigeria’s oil industry challenges

Leading economic and energy policy experts have called for the need to deepen private sector participation as a means of addressing some of the challenges bedevilling the Nigerian oil and gas sector.

Mr Salami, a professor, noted that Nigeria operates an economy that is defined by public ownership and operation of key infrastructure. He added, however, that fundamentals like technology, models and other key determining factors have changed, which incentivize the private sector. On concerns raised about pricing in an industry driven by deep private sector participation, Mr Salami said Nigeria needs data to ascertain and address the possible concerns.

In her review of the 42-page report, Ms Aina revealed that the publication covers governance and transparency in the oil sector. About 90 per cent of the oil consumed is imported while only 10 per cent can be handled by the nation’s refineries, she noted, adding that the report also looked into the attempts to refurbish the refineries.

He said there are significant challenges in the oil sector, like the subsidy scheme, which the PTCIJ seeks to look into and proffer solutions to with its research report.

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